LinkedIn Cuts 668 Jobs, 2nd Layoff This Year
LinkedIn will be slashing 668 jobs across multiple teams, including engineering, product, talent, and finance, which will be the 2nd round of layoffs this year as less companies are using the platform.
The company said in a post that it is “continuing to invest in strategic priorities for our future and to ensure we continue to deliver value to our members.”
The platform is seeing less demand for its services, as fewer employees look for new jobs, and fewer companies hire, leading the network to close down its Chinese jobs app, and cut around 716 roles.
LinkedIn grew under Microsoft, after being acquired for $26.2 billion (USD) in 2016. It was revealed revenue rose 5% for the quarter ending June 30th, and forecast growth for the quarter ending September 30th was in the “low-to-mid single digits.”
Microsoft are set to report earnings for the entire company next week.